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How do private equity firms operate, and how do they create value for their investors? What is the role of the general partner and an operating partner? How does a PE fund operate? What do PE firms look for in an investment? What are the multiples for middle-market companies? These are the subjects of this recent Roundtable episode of M&A Talk with Brent Paris, Managing Partner of Dubin Clark, a middle-market PE firm, and Jim Evanger, an operating partner and interim CEO for private equity firms.
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| 2:20 How is your time spent as a general partner of a private equity firm? |
| 3:45 What is an operating partner? |
| 5:10 How does a PE firm operate at a high level? |
| 7:00 Who are the limited partners (investors)? |
| 10:30 How do PE funds operate? |
| 11:50 To what extent do the investors have a say in the investment? |
| 14:00 Limited partner co-investment rights |
| 16:15 What’s the focus of an operating partner in a transaction? |
| 18:25 How many decision makers at a PE firm are involved in acquiring a company? |
| 21:05 Do most PE firms have an industry specialty? |
| 22:25 What limitations does the investment mandate include? |
| 23:20 How does the fund life cycle typically work? |
| 24:00 Middle-market multiples |
| 25:50 Do you retain an investment banker to exit your investments? |
| 29:00 Platform vs. add-on acquisitions |
| 29:50 What’s the role of an operating partner in the investment cycle? |
| 31:00 What is the difference in perspective between the general partner and the operating partner of a PE firm? |
| 34:00 How do PE firms use operating partners? |
| 37:00 What are the key levers required to manage multiple investments simultaneously? |
| 39:05 Debt-to-EBITDA multiples |
| 40:20 What KPIs do you use to evaluate an investment? |
| 42:30 What do you look for in an investment? |
| 45:25 Where do you think the market will take us next? |
Jim Evanger has had a diverse leadership career, having built executive teams in Fortune 100, middle market, and entrepreneurial start-up businesses. His industry experience spans healthcare, retail, franchising, light manufacturing, and private equity. Most recently, Jim has been a Private Equity Operating Partner and Interim CEO for PE-owned businesses ranging in size from $5 million to $100 million.
Jim came up through the ranks at Merck & Co., beginning as a sales professional and later as a manager, building a team across 33 states and Canada. After almost 10 years in corporate America, Jim launched his first business that franchised itself to 14 states across the US. After selling that franchise business, he built and led high-performing teams in diverse small to mid-sized companies, some of which are private-equity owned. This experience helped propel Jim into various Operating Partner roles with firms such as Dubin Clark & Co. and Latticework Capital, where he sits on Boards and advises CEOs on strategy and execution.
As Managing Partner at Dubin Clark, Brent Paris focuses on sourcing, financing, executing, and overseeing platform and add-on acquisitions. He joined Dubin Clark in 2001 and has completed more than seventy middle-market transactions. Prior to Dubin Clark, Brent was an Associate for investment banking firm Latek Capital Corp and, during business school, worked as an Analyst with money-management firms Waveland Capital Management and Brinson Partners. Brent served as an Accounting Manager for money-management firm Grosvenor Capital Management and as a Senior Tax Accountant for public accounting firm Altschuler, Melvoin & Glasser LLP, which is now part of RSM US (formerly McGladrey & Pullen LLP). Brent currently serves on the boards of directors of several companies and is the current Chair of Beaches Habitat for Humanity.
Brent received a B.S. in Accounting from Indiana University Kelley School of Business, an M.B.A. in Finance & Entrepreneurship from the University of Chicago Booth Graduate School of Business, an MS in Taxation from DePaul University Kellstadt Graduate School of Business, and is an inactive CPA.
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